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Last Entry: March 18, 2011 at 11:35:04

Supreme Court decides Hamilton v Lanning: Projected Disposable Income in Chapter 13 Bankruptcy is not Strictly Mechanical

Posted on June 07, 2010
One of the fundamental requirements to confirm a plan in a Chapter 13 bankruptcy is that (unless creditors are paid in full) the Debtor must pay for the benefit of unsecured creditors his or her “projected disposable income” to be received in an “applicable commitment period” (36 or 60 months)...

No, a Bankruptcy Lawyer Should Not Withdraw from the Case if the Client Won?t Tell the Truth

Posted on June 06, 2010
Bankruptcy lawyers often ask one another for advice about difficult questions, especially questions involving how to handle problem bankruptcy clients. A question that sometimes comes up is what the lawyer should do if the bankruptcy client tells the lawyer that something in the bankruptcy papers is false, because the client has intentionally concealed something from the [...

Foreclosure: Should You Embrace It?

Posted on June 01, 2010
Foreclosure or not? I’ve been using the f-word a lot in here in my Summerville, South Carolina law office. (That’s “foreclosure,” not the other f-word, by the way.) And I’ve noticed a transition in attitudes among clients...

Filing Bankruptcy and Your Bankruptcy Judge

Posted on May 29, 2010
When you file bankruptcy, you might think you?ll have a trial in a courtroom with a judge ruling on whether you can discharge your debts. Clients in my Charleston, South Carolina bankruptcy practice often have that misconception of the bankruptcy process...

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Employer Credit Cards, Worth the Hassle? Not If You Carry A Balance

Posted on May 28, 2010
If you work at a large retailer, the store probably offers a “store brand” credit card. If you’re getting stretched financially, you probably shouldn’t take advantage of this “benefit.” If you are getting deeper in debt, definitely don’t...

How Does Chapter 13 Bankruptcy Work? Part Two: The Means Test

Posted on May 27, 2010
In my previous article, I discussed the purpose for which Chapter 13 bankruptcy was originally intended before the credit card lobby convinced Congress that people who file for bankruptcy are bad people. The October 2005 enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) saw the introduction of a new requirement to file bankruptcy: [...

How Not To Successfully Complete A Bankruptcy Case

Posted on May 27, 2010
Now that you have visited with your bankruptcy lawyer and paid him the required fees, probably the last thing that you are thinking is, “how can I torpedo my own bankruptcy case?” While there are numerous ways that this can be accomplished, perhaps the easiest way to avoid a blow-up is to stay in contact with your lawyer! For [...

My Stuff Is Paid For?Why Do I Have To List It In A Chapter 13 Case?

Posted on May 26, 2010
This has been addressed previously but the question keeps coming up. In figuring out a chapter 13 plan payment, there are several “tests” that must be considered. One test is the “best interests of the creditors” test as set forth under 11 U...

Filing For Bankruptcy ? Combatting Fear With Information

Posted on May 25, 2010
The other day I spoke with a young couple with a history. The wife and her best friend had been friends since they were five years old. They had grown up next to each other and were otherwise always together. When the house next door came available for purchase (at the [...

Trying To Avoid Debt Collectors? Avoid Social Media.

Posted on May 22, 2010
Avoiding debt collectors is like trying to avoid the wind. Somehow your hair always ends up frazzled. But you are not making it easy for yourself if you use Facebook, MySpace, or other social media. As bankruptcy lawyers, we rarely recommend the “stick your head in the sand” approach to problem solving...

The means test doesn?t apply in many business bankruptcy cases

Posted on May 21, 2010
Most people who make more than the median income must pass the means test if they want to file a chapter 7 case. But people whose debts are not primarily consumer debts don’t have to pass the means test. What does this mean? Well, first we need to know what consumer debts are...

Shopping for Bankruptcy Lawyers? Six Things Not To Do!

Posted on May 21, 2010
Looking for a bankruptcy lawyer is tough. No one likes even talking about bankruptcy and now you have to go lay it all out — with a lawyer, no less. We know. I’ve said before we’re like a financial VD clinic. We have seen it all...

Credit after bankruptcy: brave new world in 2010

Posted on May 19, 2010
What will bankruptcy do to my credit rating ? is the most frequent question prospective bankruptcy filers ask. I try to stifle my knee jerk reaction to ask if anyone who knew the truth about their financial situation would lend to them now, and now I say truthfully, I don’t know...

When Is My First Chapter 13 Payment Due?

Posted on May 19, 2010
You’ve met with your attorney; you’ve signed your papers and now, your only question is “when is my first payment due? Under the Bankruptcy Code, your first payment is due “not later than 30 days after the date of the filing of the plan or the order for relief...

When Your Business Is In Trouble, Don?t Fudge The Facts

Posted on May 17, 2010
Owning your own business is part economics and part love affair. Doing what you love for money is nearly every American’s dream. But when love affairs go bad, we react emotionally. That can be bad for business, particularly if you are on the verge of bankruptcy...

Adversary Proceedings in Bankruptcy: What Are They?

Posted on May 16, 2010
Filing bankruptcy is usually an administrative process. Information is gathered, forms filled out, and there?s a brief hearing conducted by a trustee. But in some cases an ?adversary proceeding? occurs. An adversary proceeding is essentially a case within a case...

Can failing Chapter 13 plan be modified?

Posted on May 14, 2010
When a confirmed Chapter 13 bankruptcy plan threatens to fail, the debtor needs to consider whether the plan can be modified to survive. The debtor can seek a change in the amount of the monthly payment or the length of the plan. Debtors who experience a change in financial circumstances often seem to freeze, to forget [...

Bankruptcy Lawyer Misconduct Listed In Suspension Order

Posted on May 11, 2010
A California bankruptcy court recently cited a catalog of misconduct in suspending a lawyer from practice and imposing a steep fine as a sanction for violating Rule 9011. In re Tran, 2010 WL 1255617 (Bky.N.D.Cal. April 2, 2010), resulted in a thirty day suspension from practice before the bankruptcy court; a $7,500 fine, with $5,000 stayed if [...

Lie To The Bankruptcy Court At Your Peril!

Posted on May 11, 2010
Recently in United States v. Boulware (09-5125), the Court of Appeals for the Fourth Circuit affirmed Ms. Boulware’s perjury conviction for lying on her bankruptcy petition. Briefly, since 1995, Ms. Boulware filed for bankruptcy protection 16 times in three different districts...

Just List The Things You Want To Keep In Your Bankruptcy

Posted on May 08, 2010
Yes, you read that right, and it says what you think it says, just list the things you want to keep in your bankruptcy. That’s what a bankruptcy lawyer should advise each and every client. Because the bankruptcy law, and every bankruptcy judge who has ever been asked, says the same thing: intentional failure [...

What should my Personal Injury attorney do during my Bankruptcy?

Posted on May 05, 2010
I had a personal injury attorney call me last week about a case he has with a client of mine who has filed for bankruptcy. The medical creditors were calling him and he didn’t know what to do. I couldn’t advise him, per se, but I told him I think there are at least three [...

The ?Forbidden Reason? For Pre-bankruptcy Spending

Posted on April 30, 2010
Every chapter 7 or chapter 13 bankruptcy filing involves a creditors meeting which occurs about one month after the case is filed. This meeting can unexpectedly become the perfect storm where, if enough of the wrong factors jell together, the debtor may blurt out the “forbidden reason” for spending down his or her bank accounts before [...

Court Allows Mileage Reimbursement in Bankruptcy Budget

Posted on April 28, 2010
Bankruptcy debtors who receive substantial mileage reimbursement checks from their employers often puzzle over how to account for this “income” on their bankruptcy statements or in the means test. Because these schedules form the basis for qualifying for chapter 7, or for calculating the proper amount of a chapter 13 payment, large mileage reimbursement checks can unfairly [...

Drowning In Debt: When To Call A Bankruptcy Lawyer

Posted on April 28, 2010
Weather forecasters gave us Rhode Islanders fair warning that we would be experiencing the worst rain storm in over one-hundred years. We even made national news. Small streams were overwhelmed, the water table rose, and property owners that never before worried about such things were forming lines outside Lowe?s and Home Depot hoping to buy [...

How Does Chapter 13 Bankruptcy Work? In The Beginning?

Posted on April 25, 2010
“Bankruptcy: What is Chapter 13 Bankruptcy?” provides a general overview of a Chapter 13 bankruptcy. But exactly how does Chapter 13 bankruptcy work? Will I be able to keep my house? My car? These are questions that I hear often from clients who are considering their bankruptcy options...

Cash Makes You Feel Good ? No, Really!

Posted on April 14, 2010
Bankruptcy lawyers always tell people to use cash whenever possible. We tell you that to help you save money — and to make it harder to overspend. Cash feels precious to us while credit cards or even debit cards do not. It turns out that cash also makes you feel good...

Bankruptcy Better than Debt Settlement Scam

Posted on April 13, 2010
An alternative to bankruptcy tops every debtor’s wish list. “Don’t file bankruptcy”, warn debt settlement companies on the radio, feeding that desire. Instead, they want you to pay your money to them. They say they will help you save up a big pot of money and then settle your debts for pennies on the dollar [...

Bankruptcy: What is Chapter 13 Bankruptcy?

Posted on April 13, 2010
Chapter 13 bankruptcy requires you to make monthly payments to your creditors for up to five years. In contrast, chapter 7 bankruptcy lets you get out of paying almost all of your debts after just 4 months. Why would anyone want to file bankruptcy under chapter 13? Sometimes, chapter 13 bankruptcy is required...

Avoid bankruptcy if not facing a mortgage foreclosure deficiency judgment

Posted on April 13, 2010
You may not need to file for bankruptcy if you’re facing a mortgage foreclosure. Sometimes debts can take care of themselves. In many states, the mortgage company can’t sue you for the difference between your mortgage and the value of the property...

Bankruptcy and Short Sales

Posted on April 13, 2010
Should I try a short sale, file bankruptcy, or both? That is the question. Do short sales and bankruptcy make sense together? The answer is, not usually. Often when people are in the eye of a financial storm they address problems piecemeal. They may try credit counseling for credit card debt, an [...

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